The Secretary of State for Business Enterprise and Regulatory Reform made an Order under The Estate Agents Act 1979 (as amended by The Consumers, Estate Agents and Redress (CEAR) Act 2007) on the 1st July 2008.
This required those engaging in ‘Estate Agency Work’ in respect of residential property to join an approved estate agents redress scheme. This requirement has now been extended to 'Letting Agents', which includes those workiing on behalf of prospective tenants. As a result all ARP Members offering property search services (for purchase or rental) must join a Redress Scheme.
A redress scheme enables members of the public and/or landlords to be compensated for financial loss and/or aggravation, distress and inconvenience.
Currently there are three schemes approved by the National Trading Standards (Estate Agency Team):
1. The Property Ombudsman – registration costs £245 (£294 including VAT) per application per office. Alternatively you may wish to become a member. For further details click here
2. Ombudsman Services Property – price on application. For further details click here
3. Property Redress Scheme - registration costs £95.00 (£114 including VAT) per application per office. For further details click here